Treasury initiates 'Project Fortress,' a joint effort with financial institutions to combat cyberattacks.
Project Fortress, a new collaborative effort between the public and private sectors, demonstrates the significant threat cyberattacks pose to the American economy, as recognized by US officials and financial executives.
"The message to those who want to launch cyberattacks against US financial institutions is: We're keeping an eye on the situation, we're protecting the system, and we'll retaliate if you target the US financial system," informed a US official to CNN.
This partnership offers several protective measures for companies. For instance, there's a new cyber hygiene tool that performs automatic scans of organizations to identify potential vulnerabilities and a new threat feed automation. These measures were detailed in a letter sent to trade groups within the banking industry earlier this week.
However, the focus of Project Fortress isn't just on defensive strategies. Deputy Treasury Secretary Wally Adeyemo mentioned in the correspondence that the alliance also plans proactive actions involving Treasury's national security capabilities along with US law enforcement. These actions are intended to convey the message to adversaries that they'll face severe repercussions for their cyberattacks.
Water Tower, one of the components, is cited in the letter as a tool that uses Treasury's sanctions team and other resources to counter cyber threats. This initiative has been in development for quite some time, and Treasury has been launching different aspects of the alliance throughout the past few months.
During a gathering on Wednesday, Treasury Secretary Janet Yellen and Adeyemo talked with bank leaders about cybersecurity. In attendance were senior executives from banks like JPMorgan Chase, Bank of America, and Citigroup.
The dangers of cyberattacks are significant as they can disrupt the financial ecosystem and potentially lead to catastrophic repercussions. Robin Vince, BNY Mellon's CEO, emphasized the need for this collaboration, stressing that investing in resilience, including cyber defense, is crucial for businesses to thrive. Vince underscored the importance of cooperation between the public and private sectors to maintain a strong financial system.
Reading between the lines, bank chiefs realize cyberattacks could be a grave threat to their businesses. One of the key elements in Project Fortress is the cyber hygiene tool run by CISA. Financial organizations can be part of this program, which scans firms for significant cyber vulnerabilities and gives tailored updates to each company about their own weaknesses. This program has been adopted by over 800 financial sector participants, including banks.
One significant facet of Project Fortress is an information-sharing program called the Automated Threat Information Feed. It gathers data on threats from several sources, including US government agencies, worldwide partners, and participating financial organizations. Merging these data sources ensures early detection of threats and quicker response times.
The federal government has shown its willingness to take offensive measures against cyber attackers, evidenced by recent developments related to the Russian-operated LockBit ransomware gang. US officials and allies issued sanctions and leveled criminal charges against a 31-year-old Russian male, believed to be the ringleader of the group, alleging that it extorted over $500 million from more than 2,000 victims. In a unique approach, US and European law enforcement groups used LockBit's own websites to mock the gang and published a countdown clock hinting at the unveiling of the leader's identity.
*- Contribution from CNN’s Sean Lyngaas.
Read also:
- Lack of snow also opens up new opportunities for winter tourism
- Abrupt end to e-car subsidies
- The chemical industry has little confidence
- Intersport boss hopes for sales boom through sporting events
In the context of combating cyber threats, the US Treasury's 'Project Fortress' involves collaboration with various financial institutions, underscoring the business-critical nature of cybersecurity in the financial sector. Accordingly, investing in robust cyber defense measures is vital for businesses to maintain financial resilience.
Source: edition.cnn.com
